7.00% 5-Month CD at a California CU - $5K Max (San Francisco)

San Francisco FCU is offering a special 5-month certificate with a yield of up to 7% APY. The minimum deposit is $500, and the maximum deposit is $5,000. This is only for new members who obtain one of the following: auto loan, checking account with $500 opening balance, or regular or premium money market account. Without one of these products, a new member is eligible for a 6% APY CD. Current members are also eligible for this 6% APY 5-month CD, but they are required to refer new members. They're eligible for one CD per referred person who joins. This offer ends on 9/30/07.

As the reader who mentioned this promotion stated, the checking account is the best option to obtain the 7% CD. A $500 opening balance is required, but it doesn't state the $500 has to be maintained. The Custom Checking account has no balance requirements or monthly fees. The money market accounts have high balance requirements and low interest.

The $5K cap will limit the gain you'll get from this 7% promo to about $40 over a 5% account. But it appears you should be able to refer family members and open additional 6% CDs.

My last report on this credit union was in April when they were offering a 5.55% 7-month CD.

Field of membership includes those who work, live, worship or attend school in San Francisco. Membership requires a $5 fee and a $5 initial deposit into your share savings account. Note, there's a monthly low balance fee if your total combined balance of all your deposit accounts is less than $100 (and you don't have a loan).

The credit union is federally insured by the NCUA (Charter # 24542). It has $600.6 million in assets and 30,207 members.

Thanks to the reader who mentioned this special in the finding deals post.

Tags: California, CD rates